Focus on finances
Episode description
Stan Bevers, founder and owner of Ranch KPI and practitioner in Ranch Economics at the King Ranch Institute for Ranch Management, talks through the importance of keeping accurate, detailed records at the ranch. Bevers and TSCRA Talk host, Kristen Brown, cover accounting systems that include a balance sheet, profit and loss statement, cash flow sheet and projected cash flow. Having a system in place and the operations projected plan is beneficial to make education decisions during times of volatility.
Additionally, as producers saw with CFAP, it is vital to keep a livestock inventory report and update it annually. Bevers encourages listeners to be diligent in recording information and selecting specific key performance indicators to track trends and progress at the ranch.
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